Safe-haven gold products saw rising demand in the fourth quarter last year in China, buoyed by fear of COVID-19 and global economic uncertainties, according to the World Gold Council.

Demand for gold-backed exchange traded fund holdings increased about 36 percent year-on-year to 61 metric tons in the fourth quarter of 2020 in China. Demand for gold bars and coins increased 33 percent year-on-year to 64 tons in the same period.

Wang Lixin, general manager of the China branch of WGC, said COVID-19 fears and global economic uncertainties have lifted safe-haven demand for gold. Wang said gold-backed ETFs and physical gold (bars and coins) investment are the two highlights of China's gold investment demand in the fourth quarter.

Wang added as the interest in gold ETF in the domestic market remains high, seven new gold-backed ETF products have been launched.